Russian Government To Ensure Marked Growth In Russian Banks' Own Capital

The Russian government is making higher demands for the country's banking system, which is so far lagging in its development from the requirements of the economy, Russian premier Mikhail Kasyanov said meeting Czech businessmen in Prague Wednesday.
First of all, the point at issue is the size of Russian banks' own capital, which is rather small yet. In connection with this, the government intends to make higher demands on banks, first of all, concerning an increase in their own capital, as well as in the context of transition to international book-keeping standards, expected in 2004.
In the near future, the government will finally approve the strategy of the banking system development, which will clearly define the parameters that will help bankers and businessmen get ready for transition to a new system, said Kasyanov.